Deciding when to launch a new product is difficult at the best of times, but it’s even harder when there’s a global pandemic happening that has turned the world on its head. As countries attempt to reboot their economies, many small businesses have found this time challenging and have struggled to stay afloat.
So how does a business decide when is the right time to launch their product that they’ve been working on since before the pandemic started and right through it? Well, I’ll attempt to answer that question in this article below.
Understanding the change in consumer behaviour
Consumption of online content has gone up astronomically since countries went into lockdown. Facebook, Instagram, TikTok and other social media platforms have all reported an increase in time spent on apps but also user engagement with online campaigns.
Companies that are not engaging with their customers online are only getting left behind as the pandemic has made it easier than ever for businesses to reach their target audience. Help your target audience understand what makes your product valuable to them so they can see the benefit of it to themselves or their organisation.
How to pick a time and location for a product e-launch
A product launch is often a fanfare event and a great way to network. Unfortunately, that isn’t possible during the COVID-19 pandemic with social distancing rules in place. The upside to this is that people don’t have to travel to attend an event and by jumping onto their computer, they can easily take part.
It’s important to choose a digital platform that your clients use otherwise you won’t get the launch traffic that you were hoping for. Melbourne-based business Data Ventures launched their AusTender Insights tool on Facebook Live on May 7. It’s a tool that allows users to search for Australian Government tenders in one easy-to-use tool rather than trying to find them on the government website which is difficult to use. The tool is useful to a range of clients from government departments to media publications.
The tool was made to help people easily discover supply chains and analyse government spending. Data Ventures incentivised clients to use their tool by giving users a two-week free trial of the tool. Many businesses have given users free access to their tools and products during the pandemic to help them with remote work and entertainment.
In closing, while there isn’t a perfect time to launch a product during lockdown, it’s vital that innovation continues through the pandemic because customers’ problems don’t disappear. Finding solutions to problems faced by your clients will make things easier when normality resumes.